MACAU BUSINESS
EBITDA margin of 54.6 percent - both figures are company records. Over the eight months it was in operation last year, EBITDA was US$641.9 million and EBITDA margin 50.8 percent. Casino revenue was US$1.1 billion. In the fourth
quarter alone, it was US$457.1 million, 10.3 percent more than in the third quarter. However, VIP volume was 20.6 percent lower in the fourth quarter than in the third – possibly a factor in the sudden departure of Marina Bay Sands chief executive Thomas Arasi in February, after barely 18 months in the job (See story in these pages). Genting reported that Resorts World Sentosa’s
adjusted EBITDA was S$1.4 billion (MOP8.9 billion) last year, or US$1.1 billion. The company does not give a breakdown of gaming revenue (See story on these pages). “Marina Bay Sands is viewed as the up-market
property, and I think it has a larger share of the local market,” Mr Monaghan says. Its superior situation and striking architecture heighten its appeal.
Growing pains
“The [MBS] property capitalised on its location in the CBD [central business district]. It is part of – actually a focal point of – the bay, and has utilised its location as an opportunity not only to take advantage of the views from the site, but also to show itself off as a unique piece of architecture,” says Mike Stewart, Asia director of architecture and design firm YWS. However some have questioned whether the
architecture is conducive to the creation of a resort personality for the place. The lack of a chief executive will not help. Las Vegas Sands’ bid to build a casino resort in Singapore was successful in part because of its
24 MAY 2011
development of Las Vegas as a MICE destination, and Marina Bay Sands has won CEI Asia’s Best MICE Hotel award. But its hotel and MICE operations have experienced some growing pains, including public mudslinging and duelling lawsuits with its first convention client before reaching a settlement. “Singapore’s largest hotel prior to Marina Bay Sands was around 1,200 rooms,” Mr Nazarechuk says. “It has taken some time for the staff to understand the magnitude of running a property of this size and scope. While there have been some operational and service issues this past year, they are slowly being corrected and heading in the right direction.” Throughout its first year Marina Bay Sands has been adding features. The SkyPark, the 57-storey platform connecting the three towers, with the hotel swimming pool and observation deck, opened in June.
Coming attractions
Space in the shopping mall above the casino has been filling up. The mall has room for 300 stores. “It’s simply the best retail in Singapore – great use of natural light,” Mr Monaghan says. “It could do with some more restaurants, but then again it’s not complete.” The advantage of all the construction is that it
provides new attractions to keep visitors coming back. An indoor skating rink opened in December and the Art and Science Museum, with its lotus- inspired design, in February. Last month the permanent production of “The Lion King” opened in one of the two theatres, where concerts and other performances began in November. Two crystal
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